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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

		As of March 31, 2023
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds (1)		$	18,530			$	—			$	—			$	18,530
Commercial paper			—				8,736				—				8,736
Corporate bonds			—				7,332				—				7,332
Government bonds			—				17,869				—				17,869
Total financial assets measured at fair value		$	18,530			$	33,937			$	—			$	52,467
Liabilities(2):
Public Warrants		$	273			$	—			$	—			$	273
PIPE Warrants			—				318				—				318
Total financial liabilities measured at fair value		$	273			$	318			$	—			$	591

		As of December 31, 2022
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds (1)		$	9,194			$	—			$	—			$	9,194
Commercial paper			—				22,549				—				22,549
Corporate bonds			—				10,797				—				10,797
Government bonds			—				17,802				—				17,802
Government agency debt securities(1)			—				3,982				—				3,982
Total financial assets measured at fair value		$	9,194			$	55,130			$	—			$	64,324
Liabilities(2):
Public Warrants		$	151			$	—			$	—			$	151
PIPE Warrants			—				175				—				175
Total financial liabilities measured at fair value		$	151			$	175			$	—			$	326

(1)They are included in cash and cash equivalents on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022.

(2)See Note 10.

Schedule of Marketable Securities by Security Type

The following tables provide the Company’s marketable securities by security type (in thousands):

		As of March 31, 2023
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Commercial paper		$	8,736			$	—			$	—			$	8,736
Corporate bonds			7,335				—				(3	)			7,332
Government bonds			17,916				5				(52	)			17,869
Total short-term marketable securities		$	33,987			$	5			$	(55	)		$	33,937

		As of December 31, 2022
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Commercial paper		$	22,549			$	—			$	—			$	22,549
Corporate bonds			10,817				1				(21	)			10,797
Government bonds			18,023				—				(221	)			17,802
Total short-term marketable securities		$	51,389			$	1			$	(242	)		$	51,148

Schedule Of Unrealized Loss On Investments

The following table indicates the length of the time that individual securities have been in a continuous unrealized loss position (dollars in thousands):

		As of March 31, 2023												As of December 31, 2022
						Less Than 12 Months												Less Than 12 Months
		Number of Investments				Fair Value				Unrealized Losses				Number of Investments				Fair Value				Unrealized Losses
Corporate bonds			2			$	4,242			$	3				4			$	9,719			$	21
Government bonds			2				11,947				52				3				17,802				221
Total			4			$	16,189			$	55				7			$	27,521			$	242

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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